Well I remain cash personally after getting stopped out from the last bear break and was beginning to get optimistic on the bulls yesterday but so far just not enough momentum for the bulls to get a short term rally going. $4035 and $4086 remain our key lows to hold before $4k psychological. And bulls were able to get a higher low at $4173 before double topping. Prior high to beat was $4366 and bulls hit $4370 so really a double top. They did poke above the 4 hour 12 EMA briefly with that spike but the bears quickly rejected it.
Bulls need to get above the 12 EMA on 4 hour chart with a volume spike and then I'd look for 26 EMA on 4 hour chart for potential rejection point. Would be a small scalp trade opportunity for 3-4% gains if the bulls can pull it off. Daily chart however really has not started any type of bounce and resistance I'm watching there is all the way up at $5665 so would be nice for the bulls to see the daily chart get a bit of a rally and bears would be fine provided it just gives a lower high. So bears have plenty of breathing room for those in swing positions. Overall will remain more on the bearish side and still need to see some higher lows and higher highs on 4 hour time frame to see a trend shift and then zoom out to daily to see where a potential lower high would be set compared to $5665. I'll likely lay off any of the smaller scalp trades for the weekend but will update charts if anything changes today or tomorrow.
So key support is $4173, $4086, and $4035. Key resistance is $4370 and $4589 after that with really the bulls needing to get above these 4 hour EMAs that have been resistance for over 2 weeks now.
Just My 2 Sats!
Bulls need to get above the 12 EMA on 4 hour chart with a volume spike and then I'd look for 26 EMA on 4 hour chart for potential rejection point. Would be a small scalp trade opportunity for 3-4% gains if the bulls can pull it off. Daily chart however really has not started any type of bounce and resistance I'm watching there is all the way up at $5665 so would be nice for the bulls to see the daily chart get a bit of a rally and bears would be fine provided it just gives a lower high. So bears have plenty of breathing room for those in swing positions. Overall will remain more on the bearish side and still need to see some higher lows and higher highs on 4 hour time frame to see a trend shift and then zoom out to daily to see where a potential lower high would be set compared to $5665. I'll likely lay off any of the smaller scalp trades for the weekend but will update charts if anything changes today or tomorrow.
So key support is $4173, $4086, and $4035. Key resistance is $4370 and $4589 after that with really the bulls needing to get above these 4 hour EMAs that have been resistance for over 2 weeks now.
Just My 2 Sats!
